San Francisco (Obama.net)- It took months of debating back and forth between Republicans and Democrats, as well as numerous compromises that left both sides not completely satisfied with the final result, but an extension on the Bush era tax cuts has finally been reached.
Along with other issues, the bill was passed by the House of Representatives on Thursday and then went to the desk of President Barack Obama.
Not to delay the process any more than it already has, Obama signed the bill immediately. The bill is worth $858 billion and will extend the Bush era tax cuts by two years. Also the unemployment benefits from the 99 Weeks plan will be extended thirteen months.
Other aspects of the bill see the payroll tax being lowered by two percent for one year, a temporary lowering of the estate tax, which Obama completely disagreed with, and an extension of the tax breaks for students and parents as illustrated in the 2009 Stimulus Package.
Obama said that the agreed upon bill may not be his ideal vision, but it “is progress, and that’s what (the citizens of the United States) sent us here to achieve.”
Obama announced the finalization of the bill by telling reporters “We are here with good news for the American people this holiday season. By a wide margin, both houses of Congress passed a package of tax relief that will protect the middle class, that will grow our economy and will create jobs for the American people.”
Obama continued to say that there are parts of the bill that he is unhappy with and that the same can be said for the Democratic Party and the Republicans Party. Obama told reporters “that’s the nature of compromise.”
Unemployment benefits will begin to be sent out immediately. Americans will begin to see checks coming there way before Christmas.
Obama said, “Not only will middle class Americans avoid a tax increase, but tens of millions of Americans will start the New Year off right by opening their first paycheck to see that it’s actually larger than the one they get right now.”
With strong bipartisan support in both the House and the Senate, the entire nation will benefit from the bill. All Americans will continue to enjoy the same tax cuts they have been since 2001. And some Americans will continue to get the much needed help paying the bills in these difficult economic times where jobs are hard to come by.